GBP/JPY testing into the low end on Monday, struggling to hold onto 188.00

The GBP/JPY is trading to the south side of 188.00 as the Yen firms up slightly.
A thin showing for the economic calendar this week for the GBP/JPY.
BoE Governor Bailey to make a speech on Wednesday, Japan Retail Trade on Thursday.

Joshua Gibson FXStreet

The GBP/JPY is sagging below the 188.00 handle on Monday as the Pound Sterling (GBP) finds itself falling back against the Japanese Yen (JPY), trimming back gains after the GBP/JPY peaked at 188.66 last week.

The pair hit an eight-year high last week with the GBP trading into its highest prices against the JPY since August of 2015, and the Guppy is seeing some pullback to start the new trading week.

BoE Governor Bailey to make an appearance this week, Japan Retail figures on offer

GBP/JPY traders will be turning their focus to Bank of England (BoE) Governor Andrew Bailey’s appearance on Wednesday, due to speak at an event celebrating the 50th anniversary of the London Foreign Exchange Joint Standing Committee.

Early Thursday will follow up with the release of October’s annualized Japan Retail Trade numbers. Japanese Large Retail Sales last printed at 5% for September, and the median market forecast sees overall Retail Trade for the year into October to come in at 5.9%, a slight uptick from September’s reading of 5.8%.

GBP/JPY Technical Outlook

With the GBP/JPY trading back from multi-year highs set last week at 188.66, the pair is getting snarled on the 50-hour Simple Moving Average (SMA) just below the 188.00 handle, and near-term technical support sits at the 200-hour SMA near 186.80.

Daily candlesticks are still looking firmly well-bid for the GBP/JPY, and Guppy bears will be looking for an extended decline back below the last swing low into the 184.00 handle after the pair closed in the green for four consecutive trading days last week.

GBP/JPY Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	187.74
Today Daily Change	-0.75
Today Daily Change %	-0.40
Today daily open	188.49

Trends
Daily SMA20	185.67
Daily SMA50	183.51
Daily SMA100	183.33
Daily SMA200	176.58

Levels
Previous Daily High	188.67
Previous Daily Low	187.11
Previous Weekly High	188.67
Previous Weekly Low	184.47
Previous Monthly High	184.33
Previous Monthly Low	178.08
Daily Fibonacci 38.2%	188.07
Daily Fibonacci 61.8%	187.7
Daily Pivot Point S1	187.51
Daily Pivot Point S2	186.53
Daily Pivot Point S3	185.95
Daily Pivot Point R1	189.07
Daily Pivot Point R2	189.65
Daily Pivot Point R3	190.63

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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